Financial Institutions

Investors filed a class action lawsuit against thirty-nine financial institutions regarding losses from Adelphia Communications Corporation's collapse. The class includes all those who purchased or held Adelphia securities between August 16, 1999 and June 10, 2002. The telecommunications firm filed for bankruptcy in 2002 after accounting fraud allegations that led to convictions of top executives. The U.S. District Court for the Southern District of New York has granted preliminary approval to a $250 million class action settlement. Final approval will be decided on November 10, 2006. (Aug-09-06) [CHARLOTTE OBSERVER]